Some EVM chains see transaction counts spike over 1,000% since mid-November

By MK Manoylov • Edited by Nathan Crooks
Ecosystems•November 27, 2023, 1:44PM EST
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Some EVM chains see transaction counts spike over 1,000% since mid-November

Quick Take

  • EVM chains Avalanche, Celo, Fantom, BNB Chain and Polygon saw spikes in transaction counts after mid-November. 
  • Two of these chains, Fantom and Celo, saw activity rise over 1,000%, according to The Block’s Data Dashboard. 
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Alternative Ethereum Virtual Machine chains including Avalanche, Celo, Fantom, Polygon, and BNB Chain have seen transaction counts spike starting in mid-November, according to The Block's Data Dashboard. 

Fantom had the highest increase at 1,321%, with transactions rising from 239,920 on Nov. 17 to 3.41 million on Nov. 26. Celo saw a 1,277% rise in just four days from 277,500 transactions on Nov. 22 to 3.82 million on Nov. 26. 

Polygon saw a 155% increase from Nov. 14 to Nov. 26, with Avalanche seeing an 857% increase from 321,900 transactions on Nov. 18 to 3.08 million of such on Nov. 26. BNB Chain experienced a 55% increase from 3.59 million transactions on Nov. 16 to 5.58 million on Nov. 21, before seeing a decrease in transactions down to 3.48 million on Nov. 26. 

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High transaction fees on Ethereum along with positive price action of native tokens on the EVM chains could have caused the increased transaction count, noted The Block data research analyst Rebecca Stevens. 

"BNB's rise has come down a bit possibly due to a pullback in activity post-settlement, but other chains have seen continued growth," Stevens adds.